breaking news, wall street eyeing a tuesday turnaround. this as the senate fails yet again to advance its more than $2 trillion stimulus package talks. ongoing this morning president trump stirring debate as he weighs the true costs of a prolonged virtual risk shutdown. trouble from above as u.s. airlines drafts plans for a suspension of all passenger

flights across the country >> from body butter to hand sant tieser fighting the medical supply shortage good morning and welcome i'm courtney reagan from nasdaq ma market site. kicking off with breaking news as stocks are set to surge at the open this does come after the federal reserve developed new tools to help stave off an almost certain u.s. recession dow indicated higher by 865 points, s&p by 99 and nasdaq by 320. the virtual qe program, the fed buying more mortgage backed securities but say can it with

purchase corporate bond and corporate bond etfs that track the corporate debt market that means buying etfs like the iboxx or van guard the i shares lqe is marginal higher but the vanguard is down. yesterday, ultimately another rocky day with the dow closing at its lowest level since november 9, 2016 it remains on pace for its worst month since 1931 green arrows across the screen in asia overnight. we have global team coverage matt taylor is in singapore, karen tso is in london

>> thank you a strong showing indeed for the markets in asia. as u.s. futures traded higher, we saw a number of these markets making some strong gain. japan rising for the second consecutive day the nikkei closing up by 7% a softer yen around that 110 level. south korea rebounding after steep declines the market up almost 9%. the biggest one-day percentage game for the kospi since 2008. sang high was the laggard. on the virus front, hubei saying it will relax travel restrictions there from the 25th but the city will hubei, itself will have to wait until april 8. in hong kong, up around 4% yesterday, that city said it will be shutting down all

tourist arrivals up some 967 points >> impressive numbers there. up 8% in south korea getting to europe with karen tso in our london news room. good morning >> reporter: we are strong from the outset this morning. europeans know how to respond. the rally coming quickly on to the boards this morning. if you look at the benchmark, we are only claiming back yesterday's losses look at the individual indices, it has been a struggle to hold on as we have seen pmi's crossed. those numbers have been incredibly weak. trying to climb high to the outset flash number for march 34.5 even worse for france. below 30 for the french market we are in the green but the data

is hard to wade through at this point. coming into force, only allowed to go out for essential needs. the market is firmer, this is the first bounce 6.6 up look at where most of the green is spilling on the boards. much beaten up areas of the market yesterday, we are hearing about the suspension of the buybacks basic resources higher than 7.6% food and beverages courtney, back to you. we'll stick with london. uk prime minister boris johnson announcing a virtual lockdown of the entire country to help stem the spread with more than 666 cases this morning let's head out to steve sedgwick live from london this morning. >> reporter: good morning to

you. i'm standing outside the new scotland yard. the headquarters of the police authority in the united kingdom. they will be trying to enforce those lockdown rules if people don't abide, they could be due a fine of 30 to 1,000 pounds from this thursday. the new rules, you can only go out shopping for food and medicine and as infrequency as possible one form of exercise, maximum a day. run, cycle or walk and only with the people of your own household. if you have medical needs, you may go out only travel to and from work where it is necessary. if you are not comfortable being at home, minimize your time outside. no weddings, baptisms, faith

gatherings, the pet shop as well, banks, libraries are shut, playgrounds, gyms, places of worship. the police will be there to give fines and disperse gatherings. back to you. >> do you believe people are sort of obeying with these rules? have you seen folks walk by for their daily one exercise of choice >> why don't i show our viewers. this is the embankment central london this is rush hour in central london i can see a bus on the bridge. they take 87 people, normally. you'll be lucky if you see two or three people.

you'll see one or two joggers. that is it this is rush hour. i can see one car, a second car and a police motor cycle they are out monitoring the situation but yes, it is quiet on the streets >> how about supplies. does everyone have what they need to stay in this lockdown for essentials >> there are suppliers there has been some horrible behavior pasta, toilet paper, hand sanitizer. if you shop sensibly, there is lots of goods. i have a parent within the area

of london, i've been supplying him with food and have been absolutely fine. if people are sensible, there are plenty of supplies no talk just yet of rationing. >> thank you steve stay safe. back in washington, the senate failing again to advance the $2 trillion virus stimulus package for the second time. this as china starts to transition away from their own lockdown rahel is here with more. >> perhaps some good news. they plan to lift the month-long lockdown on the outbreak as soon as april 8 as soon as the number of new cases continues to shrink back at home, u.s. airlines are

drafting plans for a potential voluntary shutdown of all flights in the u.s it comes as worldwide commercial flight volume has fallen nearly 48% compared to this time last year fiat chrysler will begin manufacturing and donating 1 million face masks initial distribution plans for u.s., canada and mexico. and 3m says it is prioritizing certain u.s. hot spots for future shipments ceo mike roman speaking with us yesterday. >> caller: we have prioritized new york and washington state and have shipped over the weekend more than 500,000

respirators into those cities. more than 300,000 are landing in new york today we will be able to priorities and ship >> looking at shares of 3m, those shares are up. >> thank you, rahel. why the future of the 401 k and its future could hinge on decisions made in washington and president trump debates the costs of the prolonged shutdown skbr >> we cannot let the cure be worse than the problem itself. former white house deputy secretary under george w. bush is coming to weigh in on that. still more ahead when cnbc returns. ♪ yes i'm stuck in the middle with you, ♪

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welcome back let's get a look at futures. indicating a higher open to the tune of 886 points s&p 500 higher by 100 and nasdaq indicated higher by 324 points this does come after markets suffered another day of steep losses monday. pushing the indices to new

multi-year lows. lawmakers will try again to coming to an agreement on a stimulus package after failing for the second time yesterday. the international monetary fund warns of a global recession, stressing it could be worse than the 2008 global financial crisis joining me on the phone line is mark haefele, ubs wealth manager. thank you. let's start there. how are people feeling about their investments? seeing these wild swings in the market, and what are you telling them >> caller: thank you, courtney it is a great place to start i think one of the perspectives we can give people is just how around the world, people are

seeing different things and in a different place based on how long they've been living with this virus and the opportunities locally. in asia, we have a lot of clients who are looking at global opportunities and looking at things like the 5g rollout in asia which could be accelerated out of this crisis or because of this crisis and looking for opportunities. >> not that long ago, it seemed you could throw a dart and have a decent return. do you have to be very careful what you are investing in right now? for example 5g >> that's a good question. we would like to be careful. whether they are relative or absolute value as we look at the scenario now, you mention this activity.

investors have focused first, there is not just a dip but the expanding of the curve in the new virus cases and the filling of the gap with the policies now. as these policies roll on line, there could be winners and losers one of those shots was on the airlines that were spelling out the action on these new bills and laws that will support them a bit. you do have to be nimble >> people who study the markets understand, in the long run, we'll see a rebound. what if you are someone looking to retire or recently retired and counting on that investment income what is your advice to those

people >> caller: one of the things we get asked here a lot is how do i health here further? that's what you are saying the most important advice we can give is, a lot of the time, asset class diversification and geographic diversification we had seven pandemics twrebetw 1900 and 2,000 the people who suffered irrevocable losses were those in one region if people start there and develop a plan where they have liquidity so they know they can survive for a year or two. rather than things that they can totally freeze up and sell

everything >> you point out geographic diversity. i know you are interested in looking at emerging markets. can you explain to us your country thoughts for em? >> caller: absolutely. we think some of the emerging dollar markets, have priced in more of a session than equities broadly. we can look for that to be a space to help lead us out of this also u.s. high yields will help lead us. it is a real multiasset portfolio view to help to start to rebuild as the news comes through, it will be choppy here. this fed move, you see it in the dollar and in the vichl coming down

that stability is starting to come back to the credit mix. >> thank you for joining us today. keep in touch with us. thank you very much. still on deck, the city that hasov has overtaken seattle as the number one hot spspot in the u.. >> announcer: today's big number, 9,946 is how many points the dow has lost this year, now on pace for its worst year since 1931 how's the it department liking the now platform?

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new york city overtaking seattle as the top u.s. hotspot with over 5,700 new cases. >> new york city is now the new coronavirus hotspot in the united states with 27% of all tests coming back positive far surpassing the nationwide average. officials are hoping to flatten the curve testing the treatment using the blood of patients who already recovered. the governor made an announcement after touring the

convention center. >> florida imposes a quarantine for those coming from new york and new jersey after facing growing criticism for his lack of action in the case of the pandemic >> i counted eight people outside on my way here today i think people are heeding the warnings let's look at some of the top dow gainers. verizon higher by more than 7% boeing up by more than 7% and american express adding more than 6.5%. so. let's talk. edward jones. it's time for investing to feel individual.

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stocks look to rebound in a big way following another day of steep losses as president trump tries to start the u.s. economy despite warnings of the contrary and the senate fails to agree on a stimulus package moving forward. >> a ballooning demand for hand sanitizer. talking to the ceo of one cosmetics company doing just that this is tuesday, march 24, 2020. this is cnbc welcome back, i'm courtney reagan live at the nasdaq market

site in new york city. stocks are set to surge at the open we are right now at limit up we cannot move any further this comes after a really rough day yesterday. the dow industrial average up about 5% is just about 929 points s&p is at 102 points and the nasdaq is higher by 331 points all of this after the federal reserve unveiled new tools yesterday to help stave off an almost certain u.s. recession. the fed announcing a virtual qe program for buying mortgage backed securities. it will now purchase important bonds and corporate bond etfs that track the investment grade corporate debt market. that means the fed is buying like i shares or vanguard long-term corporate etf. right now, moving in opposite

directions the i share bond etfs are higher more than 2.5% despite the fed's announcement yesterday, ultimately, another rocky do you with the dow closing at its lowest level since 2016 on pace for its worse month since 1931 worldwide with plenty of positivity in europe and asia. matt taylor is in singapore and karen is in london >> reporter: as we came in and started the day, the u.s. future showed sharp gains that really helped in north asia, japan rising for a second day up more than 7%.

you can see 1,200 to the upside. the softer yen around the 110 level. the kospi in south korea was the standout performer up around 9% of the close. it was the biggest percentage gain for that index in one day than we have seen since october 2008 shanghai was the laggard hubei at the epicenter saying it will relax travel restrictions there tomorrow the city of wuhan will have to wait until april 8 hong kong, also a strong performer. saying it would shut down that city to all tourist arrivals today, the market up about 4.5%. back to you. impressive moves let's get to karen tso in london with how markets are shaping in the early going.

>> reporter: unlimited bond purchases. kiwi, corporate bonds. european stocks, stronger from the outset we drafted some of the highs early on from germany, the number 34.5. the flash number from march. down to about 52 on france 29 level forever services. the market came off the level we saw in some indices. looking at the individual markets of germany, 5.5% we also saw the easy bounce. investors are hartened by the news a drop in the death toll for the second day uk waking up to lockdown new restrictions today high by 8% can you see individual sectors

fall on the boards puma announcing 1,400 staff were switched to shorter hours until mid-april. ryanair also expects most flights to be grounded from today. it does not expect to operate any flights in april may, that is up to the government's advice. we'll go to washington now where the senate failed again to push through the nearly $2 trillion stimulus bill amid continued objections by the democrats. nancy pelosi is introducing her own $2.5 trillion bill delaying mortgage and car payments for americans. eamon, where are we? >> reporter: we are in no man's land now democrats said they are close to a deal late last night

giving some indication they might be able to get this across the senate line. the question is about the house bill if they pass in the house, it will take time to reconcile with the senate bill. they sit behind closed doors and iron out the differences, which could be significant between the two measures yesterday, the president expressing optimism that he might be able to issue some orders to restart the u.s. economy as early as next week. the president not putling a time line on it but expressing frustration from medical professionals and the cost this has had on the economy >> if it were up to the doctors, they'd shut down the entire world. you are up to almost 150 countries. let's shut down the entire world. when we shut it down, that will be wonderful and let's keep it

shut for a couple of years you can't do that. especially the number one economy in the world, by far number one economy in the world. you can't do that. it is bigger problems than the original i talk about the cure being worse than the problem we can't have the cure being worse than the problem >> the president expressing skepticism of the advice from the medical professionals and he doesn't want to hurt the economy. the president saying there could be more deaths from depression and suicide. the president not putting a time line on this i was texting with a senior official asking if he wants to reopen the country by the middle of april the official texted back, sooner than that. >> interesting stuff there we need to let some of the medical data dictate the timing. stick with us.

president trump is stirring new debate over the virtual nationwide shutdown as you mentioned. the president saying the u.s. was not built to be on lockdown. >> america will again and soon be open for business, very soon. a lot sooner than three or four months that somebody was suggesting a lot sooner we cannot let the cure be worse than the problem itself. >> let's bring in tony and former white house secretary under george bush. also a cnbc contributor. tony, we'll start with you we played a couple of sound bites there from the president he's certainly very in tune with what is going on we are in an unprecedented time. what do you think we should be

doing here and what should be the messaging to a nation of people who don't know what to do here >> let's be clear, none of us are happy about a shutdown of course, there are going to be deep economic consequences the focus has to be on health first and not overwhelming our systems. that is the goal here. the problem for the president is frustration and seeing that the economy is going to go through this really difficult period during this last year of his presidency and the first term that has to be frustrating at the same time, you don't want to see scenes of people in hospital beds and school gyms and convention centers he can't turn the economy back on that's not the way this works.

we have governors, mayors and sports leagues who have made decisions to keep employees, fans and customers and the community safe this isn't going to be an easy thing to do to reopen. >> it is not easy whyto turn of and back on. if we can go back to lawmakers and these two versions of the bill between pelosi and the bill that has failed several times. what are the key measures there to put in some backstops for the american public that is nervous about what is going to happen? >> in the senate bill, the key is the small business provision. it would give small business loans to companies under 500 employees. those companies would have those loans entirely forgiven after

four months if they didn't lay anybody off. it is free money for small businesses to make the application and get the money from their bank. as long as they don't lay anybody off, they don't have to repay those loans. that will be huge. talk about the president's authority here what triggered all of this in the beginning, the first real domino was the nba saying it would suspend its season that wasn't the presidential directive. i don't think the nba will be looking to the president on whether they'll go forward with their season or not. they'll talk to their own medical professionals and look at if they can go forward. the president doesn't have a magic switch once you shut this down, it will

be difficult and complicated to turn it back on and you'll have all kinds of interesting factors in doing that. >> that's a good point whether federal, state, local or businesses many of us work for tony, as i'm thinking about the different businesses small business certainly is a big one. another one is retail. stores closed unless you are an essential location like a grocery store or pharmacy. this could be real trouble for the nation's retailers do you think the nation needs to look more carefully here the number of people the retail industry employees >> it is the hardest one to get back

we know the retailers that will have access to some of the facilities will get back a little better and get bridged through this period a little better the small retailers eamon talked about, this is an historic effort in this plan. this has never been done before. it will be big to try to get money to all of the smaller retailers to get through this period a bridge to another side hopefully, you'll be able to do it these are vast majority of jobs. in the mountains of pennsylvania, most of the business here is retail. we want to see these people get back to work and back to their lives. every little bit will count. whether payments to individuals, direct loans to small

businesses all across this whole stream but it has to happen fast. the people who work in retail, as you know, you've interviewed these people these are good jobs but not the kind where you build up a lot of savings. they cannot go froou long periods of time of unemployment. they are very worried right now. >> absolutely. tony and eamon, thank you for joining us coming up, jpmorgan and bark of american facing internal pressures. and instacart looking to staff up in a big way. look at how much workers they are aiming to hire when cnbc returns. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me

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washington state has become the latest to issue a stay-at-home order states and cities have ordered 158 million americans to remain in their homes rahel solomon has the latest >> insta cast says it is looking to hire 300,000 employees.

the latest retailer making a hiring push alongside walmart and amazon jp morgan chase instituting a hiring freeze. bank of america has told traders that they can do their job at home. coming amid backlash about the number of people still working at the main office in new york city facebook introducing a new time offprogram for workers allowing employees up to a month of paid leave to care for sick family members mondelez raises hourly wage and

offering weekly bonuses. president trump signing an executive order preventing the price gouging of medical equipment. at the same time, one midwest start up is doing its part to fill the gap founded in 2013 and has become known for lip gloss and bath bombs. when requests started coming in for hand sanitizer, the owner spent $20,000 to ramp up they have surpassed all sales for the entire 2019 calendar year joining me now on skype. the cancer surviving, mother of five and founder of garb to art.

how and why did you decide to pivot? did someone contact you or did you decide you could contribute to the growing need here >> it is a little bit of both. we do have sales reps that sell across the united states clearly new york and california were hit faster and harder we had a lot of calls asking if we could produce hand sanitizer. if i know there is a need, we try to make that happen. that's exactly how it happened it was immediate as soon as we had it, overnight, sales were crazy >> how quickly could you pivot your production lines from bath products to hand sanitizer >> getting people in place wasn't the hard part it is getting alcohol. there is a misconception right

now that the world is out of alcohol. that's not really the case it is extremely hard to get. it is expensive. you can't get it the next day. and then components. bottle components are in high demand it took us a good week just to get the products to make this when we already had a backup on orders >> you had to ramp up hiring how many people did you hire where did you get them >> we probably have -- a lot of them are off site because we have to make sure we don't have too many people at once. locally, we were hit hard with servers and bartenders who have lost income. it was a really good opportunity for me to get people coming in

who had nothing coming in at all. it is really fulfilling to be able to help that need as well >> lo are your clients right now? is it mainly hospitals and medical centers? >> across the board. a lot of jails we are providing to pharmacies have skyrocketed. because clearly, pharmacies are staying open those are a majority some online boutiques. but mostly the medical field as well >> do you have advise to others that may have the capacity to pivot production and start producing items most needed right now. what do you tell them? who do you contact

>> my main advice is, whatever you can do to help, help normally, we do make lip gloss these are not normal times think outside of the box what can you do. so many people will say, you can't get that or that just ask make phone calls certainly, there are certain regulations you have to go through. if you get a team together and set your mind to it, you can get it done. especially now when there is such an important need to help each other >> you mentioned about employees needing to ramp up the number of employees but to put them off site where are they are they producing in another facility or bottling and labeling somewhere else? >> oddly enough, we have a couple of women who are pregnant i don't want them out of their house at this time

they are off sight labeling. we have people doing quick books and invoicing off site anything that does not have to be done here the bottling, mixing has to be done here. shipping labels can be done off site you have to be creative. >> dawn andrews, thank you for being with us. thank you for all you are doing. >> thank you when we come back, a tuesday turn around is taking shape. will it hold we break down the trading day ahead. first, a look at some of the latest companies pulling guidance nordstrom is halting buybacks and tapping credit amid the

pandemic as global markets continue to make these wild swings, continue to watch us live or on the go on the cnbc app back in a minute especially by something like your cloud. it's a problem. but the ibm cloud is different. it's the most open and secure public cloud for business. it can manage all your apps and data from anywhere. so it can help take on anything, from rebooking flights, on the fly to restocking shelves on demand. without getting in your way. ♪ ♪

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good. reminder for what? oh. ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. you are looking at times square very quiet as the city of new york is still under stay-at-home orders u.s. markets are set is to recover at least a little as major averages are still sitting at new multi-year lows the dow indicated higher by 965 points that's limit up. s&p up by 108 and nasdaq up by 364 points investors are in the middle of a

tug of war between the $2 trillion stimulus. and the fed talking about the monetary side. we cannot go any higher for the futures contracts. the etfs that track the averages can go higher. those are up by about 5% we'll bring in larry mcdonald. he's on the phone line why do you think the market took the time to react to the move and higher today >> caller: one of the things we talk about, i wrote a book in 2008/2009.

a new york times best seller now in 12 languages. what we focus on in that book is the tarp plan. it was literally three weeks a fiscal plan that started with $200 billion, ended up closer to $800 billion over the weekend, there was a senate bill the senate constructed. both democrats and republicans did a great job. chuck schumer did a great job. >> but it is not passed yet. we are almost out of time. >> caller: exactly the senate bill. with the work of the house, so by monday, pelosi and democrats on the house side, their body of work took the whole day

yesterday. this bill will pass today. >> i hope you are right, larry i hate to cut you off. we are out of time larry mcdonald looking to what happens on capitol hill today. cnbc breaking coverage continues right after this

breaking news, stocks pointing to a rebound as trump administration and leaders work to pass the stimulus bill. president trump wants to get americans back to work sooner rather than later. airlines are drafting plans for a potential shutdown of nearly all passenger flights acrossth oous it is tuesday, march 24, 2020.

cnbc's breaking news of the coronavirus pandemic continues now. >> good morning, welcome to "squawk box" on cnbc i'm becky quick along with andrew ross sorkin and joe kernen on the upside or the down side you see the limits capped. we often look at the etfs, they are indicated up over 5% yesterday was a down day for the markets. s&p and the dow were both down by about 3%. nasdaq hung in there s&p closed at the lowest level since december 2016. the dow at its lowest level since 2016 for the month of march, it is already down more than 8%. on